A Federal High Court in Lagos has convicted and sentenced nine Chinese nationals to one year imprisonment for operating a Ponzi scheme linked to terrorism financing, uncovered in Victoria Island, Lagos, in December 2024.
The convicts are Qin Xiao Yong, Luo Mao Yang, Liu Ni Ni, Liu Gang, Sun Qi (also known as Wan Jin Ping), Zhang Juan, Li De Wen, Fun Min, and Tan Ming.
Justice Daniel Osiagor handed down the sentence on Monday after the Economic and Financial Crimes Commission, represented by counsel Abdulrasheed Rildwan, presented a plea bargain agreement reached with the convicts and approved by the commission.
The defence lawyers Folarin Dalmeida and Abdulkadir Wodi confirmed the agreement and urged the court to adopt it as a judgment.
Justice Osiagor upheld the plea bargain, sentencing each of the convicts to one year in prison.
He also ordered the forfeiture of all electronic devices recovered during the investigation and imposed a fine of N1m on each convict.
The court further directed the Nigerian Immigration Service to deport the convicts to China within seven days of completing their jail terms.
